Exhibit 10.2
SECOND AMENDMENT
TO
LOAN AND SECURITY AGREEMENT
This Second Amendment to Loan and Security Agreement (the “
Amendment
”), is entered into as of November 7, 2014, by
and between SQUARE 1 BANK (“
Bank
”) and ALDEYRA THERAPEUTICS, INC. (“
Borrower
”).
RECITALS
Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of April 12, 2012 (as amended from time to time, the “
Agreement
”). The parties desire to amend the Agreement in accordance with the terms of this
Amendment.
NOW, THEREFORE, the parties agree as follows:
|
1)
|
Borrower has changed its name from ALDEXA THERAPEUTICS, INC. to ALDEYRA THERAPEUTICS, INC. Bank and Borrower agree that the Agreement is hereby amended wherever necessary to reflect this change.
|
|
2)
|
Bank and Borrower hereby agree, that any Term Loans A and Term Loan B outstanding as of the date of this Amendment shall be deemed to be outstanding under the Term Loan (as set forth in Section 2.1(b) of the
Agreement as in effect immediately following the date hereof).
|
|
3)
|
Section 2.1(b) of the Agreement is hereby amended and restated, as follows:
|
(i)
Subject to and upon the terms and conditions of
this Agreement, Bank agrees to make one (1) or more term loans to Borrower in an aggregate principal amount not to exceed the Term Loan Amount (each a “Term Loan” and collectively the “Term Loans”). Borrower may request Term
Loans at any time from the Second Amendment Effective Date through the Availability End Date. The proceeds of the Term Loans shall be used: (i) first, to refinance all outstanding Indebtedness owed to Bank by Borrower under the Term Loans A and
Term Loan B, (ii) second, to fund expenses related Borrower’s clinical trials, and (iii) third, for general working capital purposes.
(ii)
Interest shall accrue from the date of each Term Loan at the rate specified in Section 2.3(a), and prior to
the Availability End Date shall be payable monthly beginning on the 24
th
day of the month next following such Term Loan, and continuing on the same day of each month thereafter. Any Term Loans
that are outstanding on the Availability End Date shall be payable in 36 equal monthly installments of principal, plus all accrued interest, beginning on the date that is one month immediately following the Availability End Date, and continuing on
the same day of each month thereafter through the Term Loan Maturity Date, at which time all amounts due in connection with the Term Loans and any other amounts due under this Agreement shall be immediately due and payable. Term Loans, once repaid,
may not be reborrowed. Borrower may prepay the Term Loans without penalty or premium.
(iii)
When Borrower desires to obtain a Term Loan, Borrower shall notify
Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern time on the Business Day prior to the day on which the Term Loan is to be made. Such notice shall be substantially in the form of
Exhibit C. The notice shall be signed by an Authorized Officer.
|
4)
|
Section 2.3(a)(i) of the Agreement is hereby amended and restated, as follows:
|
(i) Term Loans
. Except as set forth in Section 2.3(b), the Term Loans shall bear interest, on the outstanding
daily balance thereof, at a variable annual rate equal to the greater of (A) 2.00% above the Prime Rate then in effect, or (B) 5.25%.
|
5)
|
A new Section 3.2(d) is hereby added to the Agreement, as follows:
|
(d)
within 3 Business Days prior to receipt by Bank of the Loan Advance/Paydown Request as provided in Section 2.1, Borrower shall have provided to Bank the Monthly Financial Statements for all the months following the most recent filing by
Borrower of SEC Financial Statements.
|
6)
|
Section 6.2(i) of the Agreement is hereby amended and restated, as follows:
|
(i)
as soon as available, but in any event within 30 days after the end of each calendar month, a company prepared
consolidated and consolidating balance sheet, income statement, and statement of cash flows covering Borrower’s operations during such period (the “Monthly Financial Statements”), in a form reasonably acceptable to Bank and certified
by a Responsible Officer, provided that so long as there are no outstanding Indebtedness owed to Bank by Borrower, Borrower shall only be required to provide Bank copies of the financial statements filed by Borrower with the Securities and Exchange
Commission (the “SEC Financial Statements”);
|
7)
|
Section 6.2(a) of the Agreement is hereby amended and restated, as follows:
|
(a)
Within 30 days after the last day of each month, Borrower shall deliver to Bank with the monthly financial
statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto, including a report, in form and substance acceptable to Bank, of monthly
clinical trial updates.
|
8)
|
Section 6.7 of the Agreement is hereby amended and restated, as follows:
|
6.7 Financial Covenants
. Borrower shall at all times maintain the following financial ratios and covenants:
(a) Minimum Cash.
After Borrower requested and Bank made a Term Loan under Tranche B to Borrower (such date,
“Tranche B Date”), a balance of Cash at Bank of not less than $3,000,000 (the “Cash Threshold”), monitored on a daily basis.
(b) Third Warrant Milestone.
Within 3 Business Days following the Tranche
B Date, Borrower shall deliver to Bank, a warrant, substantially in the form of Appendix I attached hereto and duly executed by Borrower.
(c) To Be Determined New Financial Covenant(s).
Bank and Borrower hereby acknowledge and agree that, (i) within 10
days following the Tranche B Date, Bank and Borrower shall mutually agree upon certain financial covenant(s) of a type and at levels reasonably acceptable to Bank (the “Future Covenant”), with such covenant(s) to be added to this Agreement
through an amendment, which Bank and Borrower hereby agree to execute (the “Future Amendment”),
and
(ii) immediately after Borrower’s Cash at Bank falls below the Cash Threshold following the execution of the Future
Amendment, Borrower shall be required to comply with the Future Covenant as set forth in the Future Amendment.
|
9)
|
Section 7.2 of the Agreement is hereby amended and restated, as follows:
|
7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change
in Control
. Change its name or the state of Borrower’s formation or relocate its chief executive office without 30 days prior written notification to Bank; replace or suffer the departure of its chief executive officer or chief financial
officer without delivering written notification to Bank within 10 days thereafter; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief financial officer for more than 30 consecutive days;
suffer a change on its board of directors which results in the failure of at least one partner of Domain Associates or its Affiliates to serve as a voting member (an “Investor Board Departure”), or suffer the resignation of one or more
directors from its board of directors in anticipation of Borrower’s insolvency, in either case without the prior written consent of Bank which may be withheld in Bank’s sole discretion, provided that, after an initial public offering of
Borrower’s equity securities, an Investor Board Departure shall not be a violation of this Section 7.2 so long as Borrower provides Bank with written notice within 10 days of such Investor Board Departure; take action to liquidate, wind
up, or otherwise cease to conduct business in the ordinary course; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by
Borrower; change its fiscal year end; have a Change in Control.
|
10)
|
The following defined terms are hereby added to Exhibit A to the Agreement, as follows:
|
“Availability End Date” means November 7, 2015.
“Positive Phase II and Other Milestones” means, after the Second Amendment Effective Date but on or before the
Availability End Date, (i) the completion of a satisfactory written evaluation, reasonably acceptable to Bank, with respect to Borrower’s positive phase II data on either SLS or Uveitis indications, (ii) a verbal request from Domain
Associates to increase the Term Loan Amount,
and
(iii) a report, in form and substance reasonably acceptable to Bank, with respect to Borrower’s clinical progress.
“Second Amendment Effective Date” means November 7, 2014.
“Term Loan Amount” means $2,000,000 (the “Tranche A”),
provided that, if Borrower achieves the Positive Phase II and Other Milestones, the “Term Loan Amount” shall increase by $3,000,000 (the “Tranche B”).
|
11)
|
The following defined term in Exhibit A to the Agreement is hereby amended and restated, as follows:
|
“Term Loan Maturity Date” means November 7, 2018.
|
12)
|
The defined term “Interest-Only End Date” and its definition in Exhibit A to the Agreement is hereby deleted.
|
|
13)
|
A new Appendix I to the Agreement is attached hereto.
|
|
14)
|
Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its
respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or
remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.
|
|
15)
|
Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment.
|
|
16)
|
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.
|
|
17)
|
As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:
|
|
|
a)
|
this Amendment, duly executed by Borrower;
|
|
|
b)
|
an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;
|
|
|
c)
|
a Second Amended and Restated Intellectual Property Security Agreement, duly executed by Borrower;
|
|
|
d)
|
payment of a $2,500 facility fee, which may be debited from any of Borrower’s accounts;
|
|
|
e)
|
payment of all Bank Expenses, including Bank’s expenses for the documentation of this Amendment and any related documents, and any UCC, good standing or intellectual property search or filing fees, which may be
debited from any of Borrower’s accounts; and
|
|
|
f)
|
such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate.
|
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
|
|
|
|
|
|
|
|
|
|
|
ALDEYRA THERAPEUTICS, INC.
|
|
|
|
SQUARE 1 BANK
|
|
|
|
|
|
|
|
By:
|
|
/s/ Stephen Tulipano
|
|
|
|
By:
|
|
/s/ Elisabeth Foussianes
|
|
Name:
|
|
Stephen Tulipano
|
|
|
|
Name:
|
|
Elisabeth Foussianes
|
|
Title:
|
|
CFO
|
|
|
|
Title:
|
|
Vice President
|
[Signature Page to Second Amendment to Loan and Security Agreement]
Exhibit 99.1
Aldeyra Therapeutics Reports Third Quarter and Year to Date 2014 Financial Results
Lexington, MA, November 10, 2014
– Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) (Aldeyra), a biotechnology company focused on the development of
products to treat diseases related to free aldehydes, today announced its financial results for the third quarter and nine months ended September 30, 2014.
Todd C. Brady, M.D., Ph.D., President and CEO of Aldeyra, commented, “We continued to execute our business strategy during the third quarter, and, by
year end, we expect to file Investigational Drug Applications for clinical testing of our lead product candidate, NS2, for the treatment of Sjögren-Larsson Syndrome and acute anterior uveitis. Accordingly, we remain on track with the initiation
of our clinical trials in the near term, with data expected in 2015.”
Third Quarter and Nine Months Ended September 30, 2014 Financial
Review
For the third quarter of 2014, Aldeyra reported net losses attributable to common stockholders of approximately $2.0 million compared to net
income of approximately $878,000 for the third quarter of 2013. Basic and diluted net loss per share was $0.36 for the three months ended September 30, 2014 compared to basic net income of $2.76 and diluted net loss per share of $9.81 for the
same period in 2013. In periods prior to September 30, 2014, Aldeyra’s net income and losses were impacted by the changing nature of the fair market value of its derivative liabilities consisting of convertible preferred stock, preferred
stock rights and rights option liabilities. In connection with Aldeyra’s initial public offering, all of the preferred stock derivative instruments were converted into Aldeyra’s common stock in May 2014.
Research and development expenses totaled approximately $1.2 million for the third quarter of 2014 compared to approximately $666,000 for the third quarter of
2013. The year-over-year increase of approximately $530,000 in research and development expenses was primarily related to an increase in Aldeyra’s external research and development expenditures and increased headcount.
For the third quarter of 2014, general and administrative expenses were approximately $772,000 compared to approximately $500,000 for the third quarter of
2013. The increase of approximately $272,000 is primarily related to increases in costs associated with being a public company and the addition of general and administrative personnel.
Total operating expenses for the third quarter of 2014 were approximately $2.0 million compared to total operating expenses of approximately $1.2 million for
the third quarter of 2013.
For the nine months ended September 30, 2014, Aldeyra reported net losses attributable to common stockholders of
approximately $7.1 million compared to net income of approximately $316,000 for the first nine months of 2013. Basic and diluted net loss per share was $2.21 and $2.89, respectively, for the nine months ended September 30, 2014. Basic net
income per share was $1.00 and diluted net loss per share was $5.37 for the same period in 2013.
Research and development expenses totaled approximately $2.3 million for the first nine months of 2014 compared
to approximately $1.1 million for the same period of 2013. The period-over-period increase of approximately $1.2 million in research and development expenses was primarily related to an increase in Aldeyra’s external research and development
expenditures and increased headcount.
For the first nine months of 2014, general and administrative expenses were approximately $2.6 million compared to
approximately $1.3 million for the same period of 2013. The increase of approximately $1.3 million is primarily related to increases in costs associated with being a public company and the addition of general and administrative personnel.
Total operating expenses for the nine months ended September 30, 2014 were approximately $4.9 million compared to total operating expenses of
approximately $2.4 million for the nine month period of 2013.
Square 1 Loan Agreement
Aldeyra amended its term loan agreement (the Loan Agreement) with Square 1 Bank. Aldeyra will use the proceeds from the Loan Agreement to refinance its
outstanding loans from Square 1, fund expenses related to Aldeyra’s clinical trials and for general working capital purposes.
Stephen Tulipano,
Chief Financial Officer of Aldeyra, commented, “This will be our third financing with Square 1, which we believe demonstrates the confidence our lenders have in the Company and its lead product candidate, NS2. This loan enables us to refinance
our current debt, and also enhances our financial flexibility as we progress through clinical development. While we are well capitalized to fund our clinical trials in Sjögren-Larsson Syndrome and acute anterior uveitis, we feel that securing
access to additional financing is prudent capital management as we seek to create long-term value for the Company and its stockholders.”
The term
loans under the Loan Agreement will be made available to Aldeyra in two tranches. The first tranche of $2.0 million will be made available on or about November 10, 2014, and will be used primarily to refinance outstanding debt. The second
tranche of amounts not exceeding $3.0 million in aggregate is to be made available to Aldeyra, and at Aldeyra’s discretion can be drawn down, following the satisfaction of certain conditions, including receipt of positive phase 2 data in either
Sjögren-Larsson Syndrome or acute anterior uveitis.
About NS2
NS2, a product candidate that is designed to trap and allow for disposal of free aldehydes, is under development for the treatment of Sjögren-Larsson
Syndrome (SLS), a rare disease caused by mutations in an enzyme that metabolizes fatty aldehydes, and acute anterior uveitis, a rare disease characterized by severe inflammation and pain in the anterior eye.
About Aldeyra Therapeutics
Aldeyra Therapeutics, Inc.,
is a biotechnology company focused primarily on the development of products to treat diseases thought to be related to endogenous free aldehydes, a naturally
occurring class of toxic molecules. The company has developed NS2, a product candidate designed to trap free aldehydes. Aldeyra plans to file Investigational New Drug applications for clinical
testing of NS2 in 2014 for the treatment of Sjögren-Larsson Syndrome and acute anterior uveitis. NS2 has not been approved for sale in the U.S. or elsewhere.
www.aldeyra.com
About Square 1 Bank
Square 1 Bank is a full service
commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and
unmatched support to meet our clients’ needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle and Washington, DC. For more information, visit
www.square1bank.com
.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including
statements regarding Aldeyra’s plans for its product candidates. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,”
“should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,”
“potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward- looking statements are based upon current expectations that involve risks, changes in
circumstances, assumptions and uncertainties. Aldeyra is at an early stage of development and may not ever have any products that generate significant revenue. Important factors that could cause actual results to differ materially from those
reflected in Aldeyra’s forward-looking statements include, among others, the timing and success of preclinical studies and clinical trials conducted by Aldeyra and its development partners; the ability to obtain and maintain regulatory
approval of Aldeyra’s product candidates, and the labeling for any approved products; the scope, progress, expansion, and costs of developing and commercializing Aldeyra’s product candidates; the size and growth of the potential markets
for Aldeyra’s product candidates and the ability to serve those markets; Aldeyra’s expectations regarding Aldeyra’s expenses and revenue, the sufficiency of Aldeyra’s cash resources and needs for additional financing;
Aldeyra’s ability to satisfy the conditions for the second tranche term loan and its ability to maintain compliance with its obligations under the Loan Agreement; Aldeyra’s ability to attract or retain key personnel; and other factors that
are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Aldeyra’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2014 which is on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov. Additional information will also be set forth in those sections of Aldeyra’s quarterly report on Form 10-Q for the
quarter ended September 30, 2014, which will be filed with the SEC in the fourth quarter of 2014.
In addition to the risks described above and in
Aldeyra’s other filings with the SEC, other unknown or unpredictable factors also could affect Aldeyra’s results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The
information in this release is provided only as of the date of this release, and Aldeyra undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except
as required by law.
(Financial Statements to follow.)
ALDEYRA THERAPEUTICS, INC.
BALANCE SHEETS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
December 31,
2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
10,142,137
|
|
|
$
|
3,262,354
|
|
|
Prepaid expenses and other current assets
|
|
|
202,612
|
|
|
|
8,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
10,344,749
|
|
|
|
3,270,766
|
|
|
Deferred offering cost
|
|
|
—
|
|
|
|
472,467
|
|
|
Fixed Assets, net
|
|
|
5,768
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
10,350,517
|
|
|
$
|
3,743,233
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
482,470
|
|
|
$
|
341,853
|
|
|
Convertible notes payable - related parties
|
|
|
—
|
|
|
|
85,000
|
|
|
Accrued interest on convertible notes payable - related parties
|
|
|
—
|
|
|
|
2,125
|
|
|
Accrued expenses
|
|
|
363,661
|
|
|
|
117,873
|
|
|
Current portion of credit facility
|
|
|
—
|
|
|
|
58,160
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
846,131
|
|
|
|
605,011
|
|
|
|
|
|
|
Credit facility, net of current portion and debt discount
|
|
|
1,240,828
|
|
|
|
1,129,015
|
|
|
Accrued deferred offering costs
|
|
|
—
|
|
|
|
394,368
|
|
|
Convertible preferred stock warrant liability
|
|
|
—
|
|
|
|
253,247
|
|
|
Convertible preferred stock warrant liabilities - related parties
|
|
|
—
|
|
|
|
3,265,620
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
2,086,959
|
|
|
|
5,647,261
|
|
|
|
|
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock:
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock, $0.001 par value, none authorized, issued and outstanding as of September 30, 2014 and 24,000,000 shares
authorized; 980,391 shares issued and outstanding as of December 31, 2013 (Liquidation preference of $36,000,000)
|
|
|
—
|
|
|
|
29,291,865
|
|
|
Series B Preferred Stock, $0.001 par value, none authorized, issued and outstanding as of September 30, 2014 and 38,000,000 shares
authorized; 1,316,681 shares issued and outstanding as of December 31, 2013 (Liquidation preference of $20,377,506)
|
|
|
—
|
|
|
|
9,025,433
|
|
|
|
|
|
|
|
|
|
|
|
|
Total redeemable convertible preferred stock
|
|
|
—
|
|
|
|
38,317,298
|
|
|
|
|
|
|
Stockholders’ equity (deficit):
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2014; none
authorized, issued or outstanding as of December 31, 2013
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, voting, $0.001 par value; 150,000,000 authorized and 5,565,415 shares issued and outstanding as of September 30,
2014; 65,000,000 shares authorized; 327,365 shares issued and outstanding as of December 31, 2013
|
|
|
5,565
|
|
|
|
327
|
|
|
Additional paid-in capital
|
|
|
52,324,911
|
|
|
|
1,102,685
|
|
|
Accumulated deficit
|
|
|
(44,066,918
|
)
|
|
|
(41,324,338
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity (deficit)
|
|
|
8,263,558
|
|
|
|
(40,221,326
|
)
|
|
|
|
|
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
|
|
$
|
10,350,517
|
|
|
$
|
3,743,233
|
|
|
|
|
|
|
|
|
|
|
|
ALDEYRA THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
1,195,668
|
|
|
$
|
666,040
|
|
|
$
|
2,303,854
|
|
|
$
|
1,141,323
|
|
|
General and administrative
|
|
|
772,467
|
|
|
|
500,416
|
|
|
|
2,555,692
|
|
|
|
1,302,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(1,968,135
|
)
|
|
|
(1,166,456
|
)
|
|
|
(4,859,546
|
)
|
|
|
(2,443,684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Change in fair value of preferred stock warrant liabilities
|
|
|
—
|
|
|
|
940,700
|
|
|
|
2,327,502
|
|
|
|
627,100
|
|
|
Change in fair value of convertible preferred stock rights and rights option liabilities
|
|
|
—
|
|
|
|
9,551,186
|
|
|
|
—
|
|
|
|
5,628,986
|
|
|
Interest income
|
|
|
—
|
|
|
|
7
|
|
|
|
3
|
|
|
|
23
|
|
|
Other expenses
|
|
|
—
|
|
|
|
(1,987
|
)
|
|
|
—
|
|
|
|
(1,987
|
)
|
|
Interest expense
|
|
|
(41,071
|
)
|
|
|
(14,467
|
)
|
|
|
(210,539
|
)
|
|
|
(45,172
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense), net
|
|
|
(41,071
|
)
|
|
|
10,475,439
|
|
|
|
2,116,966
|
|
|
|
6,208,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) and comprehensive income (loss)
|
|
|
(2,009,206
|
)
|
|
|
9,308,983
|
|
|
|
(2,742,580
|
)
|
|
|
3,765,266
|
|
|
Accretion of preferred stock
|
|
|
—
|
|
|
|
(189,792
|
)
|
|
|
(333,082
|
)
|
|
|
(463,046
|
)
|
|
Allocation of undistributed earnings to preferred stockholders
|
|
|
—
|
|
|
|
(8,241,671
|
)
|
|
|
—
|
|
|
|
(2,986,631
|
)
|
|
Deemed dividend
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,053,570
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
(2,009,206
|
)
|
|
$
|
877,520
|
|
|
$
|
(7,129,232
|
)
|
|
$
|
315,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.36
|
)
|
|
$
|
2.76
|
|
|
$
|
(2.21
|
)
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
(0.36
|
)
|
|
$
|
(9.81
|
)
|
|
$
|
(2.89
|
)
|
|
$
|
(5.37
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,565,413
|
|
|
|
317,375
|
|
|
|
3,229,338
|
|
|
|
314,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
5,565,413
|
|
|
|
979,837
|
|
|
|
3,272,730
|
|
|
|
1,106,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
###
Corporate Contact:
Stephen Tulipano
Aldeyra Therapeutics, Inc.
Tel: +1 781-761-4904 Ext. 205
stulipano@aldeyra.com
Investor Contact:
David Burke/Lee Roth
The Ruth Group
Tel: +1 646-536-7009/7012
dburke@theruthgroup.com/lroth@theruthgroup.com